The following is the Balance Sheet of A, B and C who share profits equally as on
Question:
The following is the Balance Sheet of A, B and C who share profits equally as on 1.1.2018.
On the above date, the partners changed their profit-sharing ratio to 2 : 2 : 1. Following are agreed upon :
(i) The value of land is ₹30,000
(ii) Reserve is to be maintained at ₹30,000
(iii) The total capital of the partners will be 1,00,000 which will be shared by them in their new profit sharing ratio
(iv) Building is to be increased by ₹5,000 and furniture is to be decreased by ₹10,000.
You are required to prepare the revised Balance Sheet. Preparation of Ledger Accounts is not required.
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Liabilities Assets Capitals Land 30000 A 30000 Building 25000 B 30000 Furniture 5000 C 30000 ...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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